How Do Title Loans in Phoenix Work?

Are you in a tight spot financially? Perhaps your pet needs an emergency surgery or your paycheck was short this week, and you are finding it difficult to pay all your bills. Whatever the reason is, we’ve seen it all. People all over Phoenix come to 1 Stop Title Loans when they are you in your shoes.

So, how do title loans work in Phoenix? Let’s take a look at what’s it like applying for a title loan and receiving cash instantly when you’re low on cash flow.

What is a title loan?

If you are in a tough spot and need cash quickly, a title loan is what you need. A title loan is simply a cash loan that uses the title of a vehicle you own outright as collateral. You can continue to drive your vehicle while you make payments on the loan.

If you are not able to pay the loan back in full, the vehicle will become the property of 1 Stop Title Loans. Keep in mind, we have loan consultants that work with you to make sure you are in a payment plan that is comfortable, and works with your budget. We prefer everyone to keep their vehicle, so we make sure to help you along the way should you have problems repaying your title loan.

How do I apply for a title loan?

At 1 Stop Title Loans, you can apply for a title loan in various ways. We have several locations in the Phoenix valley that you can visit in person. You can also get pre-approved online or by phone. However, you will need to be present at one of our locations to receive the cash.

There are a few things to keep in mind about applying for a 1 Stop Title Loan. First, we do not check your credit. Do you have bad credit? That is not a problem. What we do need is a recent pay stub, valid ID (you must be at least 18 years old) and proof of residence. You can literally walk out with the cash you need in 30 minutes!

Also keep in mind that you must own your vehicle outright. If you are still making payments on your car, then you are welcome to apply for an Arizona registration loan. With a registration loan the amount you are able to get might be reduced compared to a title loan. However, there is still the ability to get cash the same day.

How does repaying the title loan in Phoenix work?

When you apply for a title loan in Phoenix, you will be given choices on how you would like to repay the loan. The amount you choose to repay each month should fit into your budget. If you start having problems repaying your title loan, you can ask to speak with our loan specialists for further options.

The best part is that you there is no fee if you choose to pay back your loan in full, earlier than scheduled. This means there are zero penalties for paying off your loan early. You can also make larger payments each month than the minimum amount you originally agreed to.

Once your loan is paid in full, 1 Stop Title Loans will give you the title to your car back.

How does a title loan differ from other loans?

Over the years, title loans have gotten a bad reputation for having high interest rates. The truth is, title loans do have high interest rates, but the ability to be approved for this type of loan is quicker. Don’t forget, your credit history is not even taken into account when applying for a title loan in Phoenix.

You will find that the interest rates at 1 Stop Title Loans is very competitive and manageable for your lifestyle. We understand that not everyone is prepared for an emergency or a paycheck that is smaller than anticipated. It happens to the best of us, but we can get you that cash in hand quickly.

Bottom Line

Title loans in Phoenix are very simple and easy to apply for. You can get cash quickly, no matter how bad your credit is or why you need the money. A title loans allows you to relax and breathe a sigh of relief if you find yourself in a tight spot financially. The application process is quick, and our representatives will be sure that you are taken care of.